At a press conference this morning, Irvine, who has indicated he intends to nominate for a directors’ role in the April elections, said he was not pushed into standing down, but believed he was an impediment to the club's future.

"I feel my presence at the club may prove be to an obstacle in allowing those affected by the decisions made by the board last week to move forward," Irvine said.

"As a result I'm standing down as chairman of the board of directors today.

"The club needs some time to investigate and plan the way forward without added distraction."

WATCH A LOOPED REPLAY OF THE PRESS CONFERENCE ABOVE

Irvine said he regretted making the horse drugs comments, but stood by his board's decision to stand down Flanagan and sack four key members of staff - football general manager Darren Mooney, head trainer Mark Noakes, physiotherapist Konrad Schulz and long-serving team doctor Dave Givney.

"I believe we made the right decision for the right reasons. I will cop any criticism for those decisions," Irvine said.

He added: "I want to make something perfectly clear. Self interest was the furthest thing from the minds of the directors when they took the tough decisions they took last week".

Irvine said the club is in a better state now than when he started as chairman four years ago, a claim backed up by incoming chairman Coleman.

"Critically, he oversaw the achievement of the property approvals which will result in a $400 million development on club-owned land," Coleman said. "The club's share of this development will ensure its financial security and has already resulted in a $10 million reduction in debt.

"Damian’s single-minded determination has always been to act in the best interests of the players and this club. He has kept fighting for the Sharks when others said it was too tough.

"Anyone who knows how hard the football club has had to battle over recent years will recognise and appreciate what Damian has done for the Cronulla Sharks."

Interim CEO Bruno Cullen, former boss of the Brisbane Broncos, arrived at the club today to take over operations.

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